EnLink Midstream, LLC and EnLink Midstream Partners LP to Acquire Subsidiaries of Tall Oak Midstream, LLC for $1.55 Billion
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Devon Energy (DVN) PT Cut at UBS Despite Latest Deal
December 8, 2015 8:31 AM ESTUBS reiterated a Sell rating on Devon Energy (NYSE: DVN), and cut the price target to $37.00 (from $40.00), despite the company's announced agreement to acquire 80k net acres in the STACK play from privately held Felix Energy for $1.9bn. DVN expects to spend ~$500MM in 2016 on its STACK position with a 10-rig program focused in the volatile oil window. As such,... More
S&P Lowers Outlook on Devon Energy (DVN) to Negative; Ratings Affirmed
December 7, 2015 2:35 PM ESTStandard & Poor's Ratings Services said it revised its outlook on Devon Energy (NYSE: DVN) to negative from stable and affirmed all of its ratings on the company, including the 'BBB+' corporate credit rating.
The outlook revision reflects expected deterioration in Devon's credit-protection measures in 2016 due to low oil and gas prices, rolling off of the company's hedges, and use of debt and hybrid securities to fund a portion of the $3.45 billion acquisitions. Devon announced plans to acquire privately held Felix, which holds oil-rich properties in the "STACK" play in Oklahoma, for... More
